Integra Closes $450M 9.500% Notes and $1.65B Refinanced Credit Facility
IART sits 55% above its 52-week low of $8.7.
Summary
Integra closed its $450M 9.500% senior secured notes and a new $1.65B credit facility, retiring the old $1.3B revolver and $775M term loan. The refinancing clears near-term maturities but locks in a high coupon weeks after a guidance cut.
Key Events · Financing and Capital Events · IART
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Notes and Credit Facility Close
Integra closed $450M of 9.500% senior secured notes due 2033 and a $1.65B amended credit agreement: $600M revolver, $600M Term Loan A (5-year) and $450M Term Loan B (7-year) at SOFR+4.25%.
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Old Facilities Repaid and Terminated
Proceeds repaid in full the $1.3B revolver and $775M term loan under the March 2023 credit agreement, with no early termination penalties; letters of credit rolled into the new facility.
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High Coupon Adds Fixed Cost
The 9.500% notes carry roughly $42.75M of annual cash interest ($450M x 9.500%), payable semi-annually from May 1, 2027 — a heavier burden right after the October 2 guidance cut tied to the Cincinnati flood.
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Secured Structure and Covenants
Notes and loans are first-lien obligations guaranteed by substantially all domestic subsidiaries, with a shared First Lien Intercreditor Agreement; the indenture limits additional debt, liens, dividends and asset sales.
Analysis · IART · Industrial Applications And Services
Integra has completed the refinancing it flagged on October 9: $450M of 9.500% senior secured notes due 2033 plus a new $1.65B credit agreement ($600M revolver, $600M Term Loan A, $450M Term Loan B at SOFR+4.25%). The old $1.3B revolver and $775M term loan were repaid and terminated with no penalties. That 9.500% coupon is expensive — roughly $42.75M of annual cash interest on the notes alone — and it arrives just two weeks after the company cut full-year 2026 guidance on a $15M-$20M Cincinnati flood hit. The combination means less free cash flow against a heavier fixed charge, and the secured structure pledges substantially all domestic assets. The offset is a clean maturity ladder: nothing major comes due until 2031-2033, removing near-term refinancing risk.
How filings like this one have moved
In the 30 days to Oct 19, 2026, 29.4% of the 1386 measured filings Wiseek scored 7 moved their stock by 5% or more by the next session's close. The median move was -0.50%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, IART was trading at $13.45 on NASDAQ in the Industrial Applications And Services sector, with a market capitalization of approximately $1B. The 52-week trading range was $8.70 to $20.49. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.